UK Sanctions Crypto Exchanges, Payment Networks Linked to Russia
Summary
- The UK government said it had placed multiple cryptocurrency exchanges and digital payment networks on its sanctions list over allegations they were involved in financing Russia’s war effort.
- The UK Foreign, Commonwealth & Development Office (FCDO) said it had designated digital-asset platforms used for Russian sanctions evasion and payments for oil exports under new financial sanctions.
- The UK said the measures are aimed at cutting off Russia’s digital sanctions-evasion finance network, with financial institutions and credit institutions barred from fund transfers or financial services involving the sanctioned firms and their assets frozen.
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The UK government has sanctioned multiple cryptocurrency exchanges and digital payment networks over allegations that they helped finance Russia’s war effort.
Finance Feeds reported on May 27 that the Foreign, Commonwealth & Development Office designated digital-asset platforms used to help Russia evade sanctions and process payments for Russian oil exports under new financial sanctions.
A key target is A7, a payment network the UK says is linked to the Russian government. British authorities said A7 moved more than $90 billion last year and was used for military procurement and oil-trade payments.
A total of 18 entities and networks were added to the sanctions list. They include EXMO Exchange Limited, peer-to-peer platform Bitpapa, payment platform Rapira and Nueva Cryptologia.
UK financial and credit institutions are now barred from conducting fund transfers with the sanctioned firms or providing them with financial services. Assets linked to the targets will be frozen, and related transactions will be prohibited.
The UK said the sanctions are intended to disrupt Russia’s digital sanctions-evasion finance network and weaken its ability to fund the war.
Uk Jin
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